Browns Food Group yesterday announced a “substantial multi-million-pound investment” in AK Stoddart, acquiring shares from Colin Wright and Ton Christiaanse.
While Dumfriesshire-based Browns declined to disclose the size of the stake acquired, the deal was characterised as “creating Scotland’s largest privately owned meat business”.
The press release announcing the deal declared: “Reinforcing investment in the Scottish meat sector by a Scottish-owned company, the combined company’s extensive domestic and global footprint will accelerate processing capacity and export capabilities, positioning the new entity as the largest Scottish-owned meat business turning over £300 million, with plans to reach £500 million through a committed investment programme.”
Incorporated in 1959, Stoddart employs 220 staff and processes around 35,000 cattle per annum through its abattoir in Ayr and processing facilities in Broxburn.
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The two remaining shareholders of Stoddart, managing director Grant Moir and finance director Julie Fancourt, will continue to manage the day-to-day operations, “ensuring that the company’s mission and vision are upheld”, the press release said.
It added: “This alliance between Browns and Stoddart’s ensures the long-term sustainability of the pork and beef sectors from farm to fork…
“This strategic move also reinforces Browns Food Group’s confidence in Stoddart’s future and paves the way for continued growth and innovation within the industry.”
Wayne Godfrey, chief executive of Browns Food Group, said: “This investment expands our footprint in the red meat sector and will create further opportunities for growth. Stoddart’s has demonstrated a strong track record of success and innovation, and we look forward to partnering with Grant and Julie to drive the business forward and achieve new milestones together."
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Mr Moir said: “We are thrilled to welcome Browns as a shareholder in the business. We have known Wayne and the Browns team for many years. After meeting with the Browns family, we feel confident that this is the right decision for the business. Being part of a larger organisation will provide greater stability and growth opportunities for the industry as a whole."
Ms Fancourt said: “It was important for us to find a buyer that not only shared our values but had an exciting vision for the future of the Scottish red meat sector. Browns Food Group is committed to supporting the Scottish farming and agricultural community and has plans to invest and substantially grow the business in the next few years.
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"During our review and selection process, they quickly became our preferred partner. We are excited about the future and being part of that journey."
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